SEOUL, Dec. 3 (Korea Bizwire) – South Korean energy and telecom conglomerate SK Group plans to join hands with Chinese private equity firm Hillhouse Capital Group to create a mutual fund worth 1 trillion won (US$843 million) for investment in the Chinese food industry.
SK China, SK’s Chinese unit, held a board meeting recently and passed the agenda to create a mutual fund with Hillhouse Capital.
SK China and Hillhouse Capital will contribute 100 billion won and 900 billion won, respectively, to create the fund.
The mutual fund will be used to invest in new industries including biotech, material, batteries for electric cars, semiconductors, and other venture businesses.
Hillhouse Capital’s prior investments include Tencent, China’s largest online business, JD.com, a Chinese online shopping mall, and Meituan Dianping, a Chinese social commerce business.
The group has also invested in Woowa Brothers Corp., a South Korean startup that operates popular food delivery app Baedal Minjok, and leading online grocery shopping platform Market Kurly.
H. M. Kang (email@example.com)